Independent Advice

If you go to your high street bank you may be greeted by a financial adviser, but they could well be ‘tied’ to recommending and promoting the products of the bank, or a single insurance/investment company to which the bank has an allegiance. So why do we need independent advisers, and how can customers be sure they are getting a fair deal?

The Financial Conduct Authority (FCA)

The FCA, to give it its shorter title is the government watchdog that regulates all financial and insurance firms – this ranges from the largest multinational bank, to the financial adviser operating as a sole trader. The FCA handbook of rules and guidance lays down the laws to which all Independent Financial Advisers must adhere, and the way they treat customers is governed by the ‘Conduct of Business’ (COBS) rules. The rules are freely available from the FCA’s website– www.fca.org.uk. Please note by clicking on this link you will leave our website and enter into a third party website of which our firm is not responsible for the content.

How do I know the company I am dealing with is independent?

Independent advisers are able to select the correct product for customers from the whole of the market – that means they can potentially recommend any product from any company providing it suits the customer’s needs and objectives. With such a wide choice of companies, investments and saving tools the customer can be reassured that they are not simply being provided with a standard recommendation – and are getting personalised advice.

To ensure you do get personal advice your financial adviser will collect certain details about you and your circumstances to enable him to correctly advise you. Remember to be as open and honest as you can, because the more information you provide, the more accurate the adviser can make his recommendations.

All financial advisers have to provide their customers with the relevant important disclosure documents, detailing the following: information on services provided by the firm, how the firm is paid for the business it conducts, their complaints procedure, Data Protection and coverage under the Financial Services Compensation Scheme (FSCS). You can ask to see our disclosure documents at any time, simply contact us for these.

What protection do I have?

Your adviser will always endeavour to do the very best for you. Whenever you deal with a financial adviser you will receive details on the complaints procedures offered by the firm. If you wish you can request a copy of these procedures at any time.

When the adviser is advising you on regulated products (including investments, insurance and some forms of mortgages) you have the protection of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).

If you wish to register a complaint, please write to or telephone Knightsbridge Wealth Management (NI) Ltd at 50 Knightsbridge Park, Belfast, BT9 5EH, 028 9038 2744. A summary of Knightsbridge’s internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with Knightsbridge Wealth Management, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.

If you try to submit a complaint to a firm and the firm is dissolved, or unable to meet its obligations, you may have recourse to the FSCS (Financial Services Compensation Scheme). This is a service funded by all the companies within the industry to protect customers where firms have closed or gone into liquidation.

Anything else I should know?

Some financial advisers do give advice on products that are not regulated by FCA – such as general taxation and some Buy-to-Let mortgages. Your adviser will explain to you when you are receiving advice on an unregulated product. It is important you are happy with the advice as you do not have the added protection of FOS or FSCS when dealing with some unregulated products.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION ADVICE AND SOME FORMS OF MORTGAGES

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Regulatory Statements & Our Information

Authorised and Regulated by the Financial Conduct Authority.

Registered in Northern Ireland Company No. NI068965.

FCA Firm Number: 485258

If you wish to verify our status with the FCA, click here and key in our FCA number: 485258
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.